Weak Q4 GDP growth. Leading indicators still uncertain. Surprise rebound in exports. Inflation target at 0.3%. Key rates at 0.25% in 2025. Limited weakness of the Swiss franc. Positive outlook for Swiss equities.

Key points

• Swiss GDP slows down and only grows by +0.2%
• A likely very weak fourth quarter
• Swiss exports rebound in October
• Leading indicators still too uncertain
• Inflation slips and contracts by -0.1% in October
• The SNB could lower its rates by 0.5% in December
• Delicate and difficult management of the exchange rate
• No prospects for Swiss bonds
• More attractive valuations for Swiss equities

Discover an extract from our weekly analysis below:

Full version